Soyabean yesterday settled down -1.04% at 3290 due to profit booking amid weak spot demand after prices gained on concerns over crop damage in the top producing Madhya Pradesh state. Crop damage concerns are rising as the weather department has forecast more rainfall in Madhya Pradesh. Soybean crop is maturing and more rains can damage it. Indian soybean production is likely to rise as much as 18 percent to a record 13.34 million tonnes in 2013/14 from a year earlier as rains boost crops in key growing areas, a senior industry official said. As of now there were 12.13 million hectares devoted to soybean cultivation in India compared with 10.64 million hectares a year ago, farm ministry data showed last week. Arrivals of soyabean in Madhya Pradesh state dropped by 5000 bags of 100kg each to 20000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 10000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -2000 bags of 100kg each to 6000 bags of 100kg each. As per the SEA of India data, the export of oil meals during June 2013 is reported at 348,946 tons compared to 311,089 tons in June 2012 i. e. up by 12%. However, the total export of oil meals during April-June 2013 is down and reported at 850,951 tons compared to 1,074,034 tons during the same period of last year. At the Indore spot market in top producer MP, soybean gained 53 rupee to 3645 rupee per 100 kgs. Now Soyabean is getting support at 3238 and below same could see a test of 3187 level, And resistance is now likely to be seen at 3364, a move above could see prices testing 3439.

Trading Ideas:

Soyabean trading range for the day is 3183-3435.

Soyabean dropped due to profit booking amid weak spot demand after prices gained on concerns over crop damage in Madhya Pradesh.

Crop damage concerns are rising as the weather department has forecast more rainfall in Madhya Pradesh.

The total export of oil meals during April-June 2013 is down and reported at 850,951 tons compared to 1,074,034 tons

At the Indore spot market in top producer MP, soybean gained 53 rupee to 3645 rupee per 100 kgs.